In ancient times, before the city of Aswan was there, Elephantine Island was the site of a Pharaonic-era trading town called Swenet, which used the island and the turbulent waters of the First Cataract as protection from attack. Its strategic location just below the cataract made it an important trade hub, where caravans from the south unloaded their goods to be transported north on the river. Elephantine Island was also once an important trading center for the ivory trade, providing granite for the construction of many buildings in ancient Egypt.

Left behind from this Pharaonic settlement is the late-Pharaonic era Temple of Khnum and other, partially excavated, ruins that are scattered over the rest of the island. The island also hosts the Aswan Museum and an ancient nilometer in the form of ancient stairs leading into the water cut into the rock that displayed markings in Arabic, Roman, and Pharaonic numerals. In the middle of the island, palm groves hide two Nubian villages that regularly host tourists and beautiful scenery along the river. There is also a luxurious hotel, the Movenpick Aswan, located at its northern end.